In the past, bad press has plagued reverse mortgages. It ranged from either high costs and potentially inappropriate uses for these funds to misguided ideas about the homeowner losing the title to their home. But much has changed in recent years. Since 2013, the federal government, through the Department of Housing and Urban Development, has […]
People over age 50 who go through “gray divorce” have large negative financial consequences at just the wrong time –around retirement . The Home Equity Conversion Mortgage (HECM) is the Federal Housing Administration’s (FHA) reverse mortgage program which enables you to withdraw some of the equity in your home. It works like a line of […]
When will you retire? Often we think we will retire when we are financially able to. But surprisingly, in reality this is not the case. A recent survey by Fidelity indicated that the majority of pre-retirees don’t think about the financial impact of their retirement timing. But experts agree financial stability is crucial – […]
For the first time, borrowers will have to prove they can handle the ongoing property costs to qualify for a reverse mortgage. Homeowners applying for a reverse mortgage will soon have to clear a new hurdle. In the spring, all borrowers will have to prove that they can handle the ongoing costs of the loan. […]
